The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-01-14
The Virginia State Debt.

To tie People Of Virginia:
At "a meeting of Virginia BOndhOlders, con
vened by the Council Of Foreign BOndholders,
and held on Friday, the oath of September
1886, at the Cannon-street Hotel. London
the following resolutions were passed unani-
mOusly
'Tha this meeting deplores the long contest
into which the bOndhOlders have been forced
for the maintenance of their rights, and, while
asserting It's steadfast determination not 10 ac-
cept the Riddleberger settlement. which, in
view of the admitted ability Of Virginia to set
| tie with her creditors, and the sacrifices they
have already made on her behalf, IL considers
dishonest and unjust. hereby expresses its
willingness 10 meet the state and entertain a
reasonable compromise based upon the pres
ent taxation and the available revenue. after
providing for the Constitutional appropriation
for government, schools, and other public eX-
p~cnditurc."
The State had the benefit Of the whole of the
money she originally borrowed (S3t,OO),OOO). IL
laid the foundation of her roads, railways. and
canals, and has brought millions of dollars
into the country. Had YOU not constructed
these public works with the bOndhOlders'
money you would have 20 be taxed now for
them.
No State which borrowed money ever en-
joycd the benefit OF its loans more than Yir-
GINA has done. lSec Senate Document XIV.
Session, lS1i-IS.l
is keeping capital and immigration out of Writ
ginia, and as long as matters so continue you
will never develop the splendid resources of
the state i'm the way they deserve.
The revenue of Virginia is increasing. The
last assessment shows an increase of $4,000
90 i'm taxable values. Your present revenue
might be largely increased if the taxes were
more carefully collected and the present as
sessments on property equalized throughout
the State.
What might have been difficult 10 do Il few
years ago is easy now and each year the bur
den will become lighter. When the debt ques-
tfnFn j. gafflnl a4rfF4I and anfnpnpfGn tUhfHh
now holds alOOf, viii flow into the State.
The settlement offered by the bondholders
proposes that the bonds 10Y in existence bear
ing aX-recciyable cOupOns should be deposited
in some trust company: that new bonds should
be issued i'm their place, bearing no taX-receiy
able COUPONS and az Il low rate OF interest.
When the state pays a halt-year's interest on
the new bonds, the taX-TccciVable coupons for
that half year shall be cut of the old bonds by
the trust company, cancelled, and delivered to
the State. Any increase on the present reYe-
nuO will be appropriated by the state, and
the bondhOlders Will not have any claim on IL.
There was a cash balance last July in the
Treasury of $l31 zoe, and the average purchase
Of Riddlcberger 3S by the state has been at
the rate Of SGOO,00O per annum IN cash. The
State has some millions Of dollars OF assets
which would help her in arranging a settle
mcnt.
The bondholders are as deeply Interested as
you are in maintaining the credit and prosper
ity of your State. They ask Tor a fair hearing
and a discussion Of the question by business
men, and not by politicians, whose interest II
is 10 prevent an understanding being arrived
at and an honorable compromise made.
The best way of bringing about this settle
ment is for taxpayers 10 tender coupons in
payCcent Of their taxes. In view Of the con
ciliat Dry spirit and liberal offer made 10y the
creditors | venture respectfully 10 submit 20
yOu that it is your moral duty, az well as your
legal right and privilege, 70 tender COUPONS Tor
nO2O